"The days of leveraged U.S. companies issuing BB bonds at 6.3% may be over," writes Sober Look,...

"The days of leveraged U.S. companies issuing BB bonds at 6.3% may be over," writes Sober Look, noting spreads on high yield bonds have widened 35 bps since the March lows. On top of that, HY bond funds saw their first outflows of the year this week, with mutual funds (home of the patient money) leading the ETFs - suggesting the losses could endure for awhile.